Joe Lubin, co-founder of Ethereum, has commented that the fall in recent cryptocurrency prices is no constraint to future positive market growth.
The comments were made in an interview with Bloomberg yesterday when the ConsenSys CEO indicated that the big picture was the relevant factor for investors, and not to focus on “pimples on a chart” as he put it, referring the peaks and troughs of Bitcoin prices.
He spoke of the “bubble” factor, suggesting that each of the six major events has always bought a surge of activity. He argues:
“…we build more fundamental infrastructure, we see a correction, and the potential gets even more impressive… I absolutely expect that there is a strong correlation between the rise in price and the growth of fundamental infrastructure in the ecosystem and the growth of development in the ecosystem. We are probably two orders of magnitude bigger as a developer community than we were eight or ten months ago.”
The current market trend should be expected, Lubin suggests. He argues that much of the current volatility has to be put down to investor speculation rather than flaws in the underlying technology, suggesting that cryptocurrencies were very much still on the right positive trajectory. Regarding his own case as a CEO, he said:
“So we can look at the price and make growth plans and projections, and we’re still on track, basically. So this is not unexpected.”
Lubin added that each value surge over the past years indicated that the current situation is just like the last “six big bubbles, each more epic than the previous one, and each bubble is astonishing when they’re happening”.
In other news, Coinbase CEO Brian Armstrong has revealed that the company signed up 50,000 new customers a day last year and on Tuesday reflected Lubin’s view that the general trend is positive, suggesting:
“This technology is going through a series of bubbles and corrections, and each time it does that, it’s at a new plateau… People’s expectations are all over the map, but real-world adoption has been going up.”
At time of press, Bitcoin is currently trading at USD 6,429, up 6.47% on 24-hr trading. Ethereum is trading at USD 285, up by 6.93% on 24-hr trade.
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